Should You Hold WillScott Holdings (WSC)?

Core Insights - Madison Small Cap Fund experienced a challenging third quarter in 2025, with a decline of 1.3% in its performance, significantly underperforming benchmarks due to stock selection and a speculative market environment [1] Company Performance - WillScot Holdings Corporation (NASDAQ:WSC) reported a one-month return of -29.46% and a 52-week loss of 56.34%, closing at $15.85 per share with a market capitalization of $2.886 billion as of November 20, 2025 [2] - In Q3 2025, WillScot Holdings Corporation generated revenue of $567 million, a decrease of $34 million compared to Q3 2024 [4] Investment Analysis - The underperformance of WillScot Holdings Corporation was attributed to challenging end markets, but the company has attractive unit economics and has reduced its share count from 230 million to 182 million over the past five years through share buybacks [3] - Madison Small Cap Fund reassessed the intrinsic value of WillScot Holdings Corporation at $46, based on conservative assumptions regarding market recovery and continued share buybacks, indicating a belief in the company's long-term potential despite current challenges [3]